1. Now #Budget2018 settling a bit a few quick thoughts - Hammond trying to have it all - cut taxes, spend a bit more, allow borrowing to keep rolling on a bit, and give impression of big political switch away from years where paying down deficit + debt seemed Tory be and end all
2. Certainly a change that Treasury has decided not to use extra notional cash for sorting out the books - this Budget will actually see the deficit rise, but, two VERY important caveats
3. Extra spending, technically the 'biggest giveaway in a generation' - will nearly all be sucked up by NHS and some depts might still be looking at cuts in next few years (H/T @TorstenBell says they might be 3% on average) - so get ready for brutal fights before Spending Review
4. Impact of cuts of last eight years is not going to disappear overnight, and - today's numbers and easing up are based on OBR's broadbrush assumption that there will be a Brexit deal and smoothish departure
5. But perhaps notable May and Hammond, maybe belatedly, trying to acknowledge political reality, that public appetite for cuts is diminishing, if not exhausted, and they need to reflect that if they want to stay in office
6. Turning spending taps back on may be horrifying to some Tory hawks - and not at all clear that public is ready to be convinced by a modified message but....
7. It's clear where PM is trying to position herself after Brexit, if she and Hammond make it that far... mroe on @BBCNews at 10
